Ian's Top Ten Money Tips

When a person is managing their money, there are tons of ways in which they can get themselves into trouble. However, there are many tips that the person can utilize to make sure that they are doing what they can do to ensure that they are not going to end up in debt or worse. At lateneo.com, Ian has ten money tips that people should incorporate into their life to make sure that they are doing their best.

The first tip is to stay away from payday loans. The reason is that these loans have high interest rates that most people simply cannot afford. The interest rate could be as much as 40%, and when the person is utilizing these loans, more than likely they are at a point in their lives in which they simply cannot afford this rate. And because the person cannot afford it, they may find that the company talks them into signing another loan, which just makes the process that much more expensive.

Most people view the lottery as their one way to make it rich, however, for those that are wanting to make smart money decisions, then they should never ever play the lottery or gamble. Basically, people need to realize that the odds are against them, and the chances of winning are slim, but for losing the chances are great.

Insurance is something that everyone needs, tip number three is to be sure that you are not paying too much. If you are, then this is just like throwing money down the drain, and this is money that you could be using in other aspects of your life.

Owning a home is one of the joys of being an adult, however, tip number four suggests that you make sure that you are finding the lowest rates on your mortgage that is possible. In the long run, it is going to save you money and you will be grateful for that.

Investments are great, however, unless you know everything about investing, you need to stay away. This is the one way in which many hard working citizens lose their money. They simply hear about an investment that seems too good to be true, and then they lose their money and usually their way of life along with it.

When you are buying things on a daily basis, make sure to be using the debit card, not the credit card. The reason is that the credit card is going to charge interest on purchases. It makes no sense to use credit when you have the money in the bank since there is no charge to use your own money.

Tip number seven, always make sure that you have some savings in place for when those rainy days strike. And no matter what you think, these days will strike whether it be a new set of tires for a car, or something going wrong with your home.

Have a budget that you are going to stick to. This is going to help you to see where your money is going and it is also a great way to make sure that you are saving for the future. Tip number nine goes hand in hand with budgeting, and this is to use the financial software that is out there that is going to help you monitor your spending and help with budgeting. This can save you tons of time in the end.

And lastly, be realistic about your financial goals. Most of those that want to be millionaires, are not going to do so by working jobs that do not make millions. It is just not feasible. Therefore, when making these goals, do not go by what others would do, do what you want.